
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 48USC1407]

 
              TITLE 48--TERRITORIES AND INSULAR POSSESSIONS
 
                        CHAPTER 7--VIRGIN ISLANDS
 
               SUBCHAPTER III--VIRGIN ISLANDS CORPORATION
 
Secs. 1407 to 1407i. Repealed. Pub. L. 97-357, title III, 
        Sec. 308(e), Oct. 19, 1982, 96 Stat. 1710
        
    Section 1407, act June 30, 1949, ch. 285, Sec. 1, 63 Stat. 350, 
related to creation of Virgin Islands Corporation under direction of the 
President of the United States or his representative for promotion of 
economic development of Virgin Islands.
    Section 1407a, act June 30, 1949, ch. 285, Sec. 2, 63 Stat. 351, 
related to principal offices of Corporation for venue purposes and 
establishment of branch offices.
    Section 1407b, act June 30, 1949, ch. 285, Sec. 3, 63 Stat. 351, set 
forth authorized activities of Corporation.
    Section 1407c, acts June 30, 1949, ch. 285, Sec. 4, 63 Stat. 352; 
Sept. 2, 1958, Pub. L. 85-913, Secs. 1-3, 72 Stat. 1759; June 6, 1972, 
Pub. L. 92-310, title II, Sec. 234, 86 Stat. 214, related to general 
powers of Corporation.
    Section 1407d, act June 30, 1949, ch. 285, Sec. 5, 63 Stat. 353, 
related to utilization of other Federal agencies and instrumentalities.
    Section 1407e, acts June 30, 1949, ch. 285, Sec. 6, 63 Stat. 353; 
Sept. 2, 1958, Pub. L. 85-913, Sec. 4, 72 Stat. 1760; Oct. 4, 1961, Pub. 
L. 87-382, 75 Stat. 812, related to appropriation of money and 
establishment of a revolving fund.
    Section 1407f, act June 30, 1949, ch. 285, Sec. 7, 63 Stat. 353; 
1970 Reorg. Plan No. 2, Sec. 102, eff. July 1, 1970, 35 F.R. 7959, 84 
Stat. 2085, related to use of funds and limitations thereon, interest 
payments to Treasury on advances, and contributions to retirement and 
disability funds.
    Section 1407g, acts June 30, 1949, ch. 285, Sec. 8, 63 Stat. 354; 
Sept. 2, 1958, Pub. L. 85-913, Sec. 5, 72 Stat. 1760, related to 
authorization of appropriations necessary to cover losses substained in 
revenue-producing activities, expenses incurred in non-revenue-producing 
activities, and an appraisal of necessary working capital.
    Section 1407h, acts June 30, 1949, ch. 285, Sec. 9, 63 Stat. 354; 
Sept. 2, 1958, Pub. L. 85-913, Sec. 6, 72 Stat. 1760, related to Board 
of Directors of Corporation.
    Section 1407i, act June 30, 1949, ch. 285, Sec. 10, 63 Stat. 355; 
1970 Reorg. Plan No. 2, Sec. 102, eff. July 1, 1970, 35 F.R. 7959, 84 
Stat. 2085, related to transfer of functions, assets, and property of 
Virgin Islands Company to Corporation.


                             Effective Date

    Act June 30, 1949, ch. 285, Sec. 14, 63 Stat. 356, which provided 
that act June 30, 1949, ch. 285 [see Short Title note below] become 
effective June 30, 1949, was repealed by Pub. L. 97-357, title III, 
Sec. 308(e), Oct. 19, 1982, 96 Stat. 1710.


                               Short Title

    Act June 30, 1949, ch. 285, Sec. 15, 63 Stat. 356, provided that act 
June 30, 1949, enacting sections 1407 to 1407i of this title and 
amending section 1401d of this title and section 846 of former Title 31, 
Money and Finance, could be cited as the ``Virgin Islands Corporation 
Act'', prior to repeal by Pub. L. 97-357, title III, Sec. 308(e), Oct. 
19, 1982, 96 Stat. 1710.


                            Savings Provision

    Section 308(e) of Pub. L. 97-357 provided in part: ``That nothing in 
this subsection [repealing sections 1407 to 1407i of this title] shall 
affect the pension rights of former employees of the Virgin Islands 
Corporation.''


  Transfer of Facilities; Investment Increase; Supply of Electric Power

    Pub. L. 85-913, Sec. 7, Sept. 2, 1958, 72 Stat. 1760, authorized the 
Secretary of the Navy to transfer and convey to the Virgin Islands 
Corporation, without reimbursement, the power-generating facilities 
located at the Marine Corps air facility and naval submarine base, Saint 
Thomas, Virgin Islands, together with all the land, buildings, 
structures, facilities, distribution lines, fuel tanks, and equipment 
appurtenant thereto and necessary for the operation thereof, with such 
transfer to be accomplished not later than June 30, 1969.


                  Dissolution of Virgin Islands Company

    Act June 30, 1949, ch. 285, Sec. 11, 63 Stat. 355, authorized the 
Secretary of the Interior, the Under Secretary of the Interior, and the 
Governor of the Virgin Islands, as the stockholders of the Virgin 
Islands Company, a corporation created by ordinance of the Colonial 
Council for Saint Thomas and Saint John, Virgin Islands of the United 
States, to take such steps as may be appropriate to dissolve the Virgin 
Islands Company, prior to repeal by Pub. L. 97-357, title III, 
Sec. 308(e), Oct. 19, 1982, 96 Stat. 1710.
